Cyprus

E-Money

Obtaining a license for electronic money in Cyprus is a task that can only be entrusted to the staff of professionals. The country's legislation makes special demands on applicants for a license. The application is reviewed by the specialized service of the Central Bank of Cyprus.

The main laws and regulations, regulating the operation of payment systems using electronic means of payment are the EU Directive 2009/110 / EC and the Cyprus Electronic Money Law 2012.

IT OFFSHORE company provides services for the company registration, opening a bank account, and also renders assistance in obtaining a license in compliance with all the requirements.

Our service package includes the following:

- Payment of government fee for company registration in Cyprus;- Registered address in Cyprus;- Government licensing fee;- Registered agent services;- Delivery of documents to the requested address.

Stages of obtaining a license:

Company Registration (at least 4 directors, local registered office). Completing the forms and applying to the Financial Services Commission in Cyprus with a request for obtaining E-money Institution License.Payment of government fees for filing a license application and licensing fee.

In the event of registration approval one can successfully obtain a license.

Cost:

1.

Company registering in Cyprus and first year of service, including: - state payment- registered agent services- legal address- preparation of constituent normative documents

2.

License obtaining:- state payment- registered agent services

Assistance in preparing a business plan and filling AML

The sum includes:

- Expenses incurred during company registration- Providing a registered address- Government fee for license renewal- Registered agent services- Support during the entire license registration procedure from the moment of documents submission to the Commission up to obtaining a license.- Setting up a package of documents for obtaining a license- Delivery of documents to the requested address

Personnel requirements:

Minimum of one director and one shareholder. For company registration with the right to receive e-money Institution License, the company must have at least 4 directors (two of whom must be executive directors), most of whom must be residents of Cyprus and satisfy the requirements of Central Bank of Cyprus. There must be money Laundering Officer, Compliance Officer and Risk Manager Officer.

Office Requirements:

Locally registered office is required for company establishment in Cyprus.

Registered Capital Requirements

To register a company with a brokerage license in Cyprus the minimum amount of registered capital from 350 000 euro.